The Commission, which rules on antitrust issues in the European Union, said that the proposed acquisition would not raise competition concerns given the companies' moderate market sizes and a large number of competitors in the manufacturing industry.In December, the SWH holding of the Burkard-Schenker family, which controls Sika with a 16.1 percent stake and 52.4 percent of voting rights, agreed to sell control of the chemicals company to Saint-Gobain for 2.75 billion Swiss francs ($2.88 billion).Read more below.The European Commission said on Thursday it had approved the acquisition of Swiss chemicals company Sika by French building materials maker Saint-Gobain.
The Commission, which rules on antitrust issues in the European Union, said that the proposed acquisition would not raise competition concerns given the companies' moderate market sizes and a large number of competitors in the manufacturing industry.
In December, the SWH holding of the Burkard-Schenker family, which controls Sika with a 16.1 percent stake and 52.4 percent of voting rights, agreed to sell control of the chemicals company to Saint-Gobain for 2.75 billion Swiss francs ($2.88 billion).
Read more below.
EU Commission approves Saint-Gobain's purchase of Sika
The European Commission said on Thursday it had approved the acquisition of Swiss chemicals company Sika by French building materials maker Saint-Gobain.